Chinese media warn India over Belt and Road project

20 May, 2017, 09:41 | Author: Valerie Burke
  • China's Xi appeals to foreign leaders for freer trade

Xi said the Belt and Road initiative is meant to be an "open and inclusive platform for development".

Participants in the Leaders Roundtable of the Belt and Road Forum for International Cooperation adopted a joint communique.

In addition to that, he also announced special lending schemes worth $56 billion to support cooperation on infrastructure, industrial capacity and financing.

At the same time, Hua said that China "welcomes the participation of India to the Belt and Road initiative, the answer is clear" when asked about India being the only major country absent at Sunday's first Belt and Road Forum (BRF) in Beijing. One of the criticisms of the Silk Road plan is that host countries may struggle to pay back loans for huge infrastructure projects being carried out and funded by Chinese companies and banks.

China's "new Silk Road" initiative aims to link the economies of Asia, Europe, the Middle East, and Africa-but Beijing would really like the USA to get on board.

China " s first worldwide Belt and Road Initiative Forum has concluded here with a consensus on the issue. "We know more than 130 countries attended the forum". However, China maintains the project is only for reaping economic benefits.

China today dismissed India's concerns over the Belt and Road initiative, saying the mega venture has broad global support and the China- Pakistan Economic Corridor (CPEC) project which is a part of it will not affect Beijing's stand on Kashmir. The initiative aims to bolster China's global leadership ambitions by building infrastructure and trade links between Asia, Africa, Europe and beyond.

On the eve of the OBOR forum, Indian issued a statement saying it can not "accept a project that ignores its core concerns on sovereignty and territorial integrity". Since jettisoning the Trans-Pacific Partnership - the Obama administration's trade treaty meant to insinuate the U.S. at the center of Asian trade - the Trump administration has offered no answer to One Belt, One Road.

Other governments welcome Chinese investment in a region the Asian Development Bank says needs to spend $7 trillion this decade on ports, railways and other facilities to keep economies growing.

Britain, France and Germany were represented by finance or trade officials.

She said: "China is already the world's most important trade economy".

The Prime Minister said core of the "One Belt-One Road" initiative is connectivity and long-term development, especially in developing countries.

China is India's largest trading partner, and some of the biggest Chinese firms including Alibaba, Xiaomi and Oppo have a huge presence in the country - either as investors or through their own operations.

Recommended:



Popular

North Korea denies responsibility over WannaCry ransomware attack
On Tuesday, South Korea's new government and the US administration committed to "bold and practical" ways to denuclearize North Korea.

Alibaba Reveals $6 Billion Share Buyback As Misses EPS Forecast
Revenue at e-commerce giant Alibaba jumped 60% in the first three months of the year, powered by a growing customer base in China. Additionally, the revenue per buyer (particularly for mobile users) has also surged on a year-over-year basis, as shown below.

YouTube on TV is uber-popular, 360-degree video support coming soon
Teague spoke of trying to make YouTube feel natural in a VR environment, and also about how valuable the YouTube community is. Unfortunately, it might involve hanging out in the VR version of a YouTube comments section.

Group linked to NSA spy leaks threatens sale of new tech secrets
The only release which didn't include massive pointers enabling the NSA to find the particular source is the Windows exploits. Early Tuesday, a post purportedly from the Shadow Brokers announced that it was starting a sort of hack-of-the-month club.

Trump Claims 'Absolute Right' to Share Info with Russian Federation
"Humanitarian reasons, plus I want Russian Federation to greatly step up their fight against ISIS & terrorism", Trump wrote. Now jump ahead to President Trump sharing highly classified information to a foreign adversary in the Oval Office last week.